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DKSH Holding AG
(DKSH)
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Rating:62Neutral
Price Target:
CHF72.00
▲(19.01% Upside)
Action:Reiterated
Date:07/17/26
The score is driven primarily by steady but unspectacular financials—stable earnings/cash generation but thin margins and uncertainty from the sharp 2025 revenue/FCF declines. Technicals are supportive with a clear uptrend, though overbought signals increase near-term risk. Valuation is neither compelling nor extreme (P/E ~20.9, ~3.7% yield). The latest earnings call adds support via higher Core EBIT guidance and strong cash conversion, tempered by FX headwinds and short-term margin pressure.
Positive Factors
Diversified Asia market-expansion model
DKSH’s integrated market-expansion model across Consumer Goods, Healthcare, Performance Materials and Technology creates durable, recurring revenue and route-to-market moats in Asia. Multi-year partner contracts and a broad local footprint support repeat business and resilience versus single-product cycles.
Negative Factors
Structurally thin margins
Very thin operating and net margins (Core EBIT around 3.0%, net margin ~1.6–2.0%) provide limited buffer against cost inflation, pricing pressure or integration expenses. Structural low margins constrain reinvestment capacity and make earnings highly sensitive to small volume or input‑cost movements over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Asia market-expansion model
DKSH’s integrated market-expansion model across Consumer Goods, Healthcare, Performance Materials and Technology creates durable, recurring revenue and route-to-market moats in Asia. Multi-year partner contracts and a broad local footprint support repeat business and resilience versus single-product cycles.
Read all positive factors
DKSH Holding AG (DKSH) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF4.23B
Dividend Yield3.83%
Average Volume (3M)92.63K
Price to Earnings (P/E)18.6
Beta (1Y)0.92
Revenue Growth-1.37%
EPS Growth8.55%
CountryCH
Employees24,799
SectorGeneral
Sector StrengthN/A
IndustryMedical - Distribution
Share Statistics
EPS (TTM)3.50
Shares Outstanding65,042,960
10 Day Avg. Volume85,614
30 Day Avg. Volume92,626
Financial Highlights & Ratios
PEG Ratio-3.37
Price to Book (P/B)2.13
Price to Sales (P/S)0.34
P/FCF Ratio13.24
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF74.50Price Target Upside23.14% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.62
Revenue Forecast (FY)CHF11.21B
DKSH Holding AG Business Overview & Revenue Model
Company Description
DKSH Holding AG provides various market expansion services in Thailand, Greater China, Malaysia, Singapore, rest of the Asia Pacific, and internationally. The company offers sourcing, market insights, marketing, sales, e-Commerce, distribution, lo...
How the Company Makes Money
DKSH primarily makes money by acting as a third-party market expansion and distribution partner for manufacturers and brand owners in Asia, earning revenue from services and product distribution across its business units. Key revenue streams typic...
DKSH Holding AG Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
Overall the call conveyed a constructive and confident view: the company delivered its strongest first‑half top‑line growth in three years, double‑digit EPS growth, excellent cash generation and progress across strategic priorities (M&A, AI, sustainability). Challenges highlighted were primarily translational FX headwinds and temporary margin pressure from deliberate investments and ramp‑ups (healthcare, AI and marketing). Management reiterated confidence in a stronger second half, a robust M&A pipeline, and medium‑term margin expansion.Positive Updates
Revenue Growth — Strongest H1 in Three Years
Net sales increased 4.9% to CHF 5.5 billion (constant FX), representing the company's strongest first-half revenue growth in three years.
Negative Updates
Core EBIT Margin Slight Decline and Temporary Margin Pressure
Group Core EBIT margin fell slightly to 3.0% (down ~10 basis points year-over-year). Management attributed the decline to translational FX headwinds and temporary operational investments (AI, business development, ramp-up costs) that pressured margins in H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth — Strongest H1 in Three Years
Net sales increased 4.9% to CHF 5.5 billion (constant FX), representing the company's strongest first-half revenue growth in three years.
Read all positive updates
Company Guidance
DKSH guided that Core EBIT for 2026 is expected to be higher than in 2025, while flagging a moderately negative translational FX impact for the full year if exchange rates remain broadly unchanged; management expects acquisitions announced/completed to date to add roughly +1 percentage point to 2026 net sales, foresees capex of ~0.3–0.4% of net sales and a tax rate of 27–29%, is targeting a modest Core EBIT margin improvement (around +10 bps), expects a double‑digit full‑year profit contribution from associates (data‑center projects) by year‑end, and reiterated confidence in stronger H2 momentum driven by AI, data‑center growth and accelerated M&A—supported by strong cash generation (H1 free cash flow CHF 147.7m; cash conversion 130.8%).DKSH Holding AG Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.02B | 11.07B | 11.09B | 11.07B | 11.32B | 11.11B |
| Gross Profit | 661.90M | 746.90M | 1.64B | 1.65B | 792.80M | 770.50M |
| EBITDA | 456.40M | 438.30M | 472.00M | 434.90M | 437.30M | 460.60M |
| Net Income | 216.30M | 202.90M | 214.80M | 182.00M | 201.10M | 223.90M |
Balance Sheet | ||||||
| Total Assets | 5.55B | 5.50B | 5.85B | 5.47B | 5.88B | 5.35B |
| Cash, Cash Equivalents and Short-Term Investments | 503.70M | 538.40M | 609.10M | 687.20M | 636.40M | 673.70M |
| Total Debt | 762.50M | 753.00M | 839.80M | 958.20M | 1.01B | 587.10M |
| Total Liabilities | 3.78B | 3.68B | 3.97B | 3.73B | 4.05B | 3.46B |
| Stockholders Equity | 1.71B | 1.76B | 1.82B | 1.69B | 1.76B | 1.81B |
Cash Flow | ||||||
| Free Cash Flow | 308.60M | 281.90M | 321.30M | 340.80M | 237.00M | 338.20M |
| Operating Cash Flow | 339.30M | 320.10M | 362.90M | 393.10M | 321.90M | 393.20M |
| Investing Cash Flow | -106.30M | -99.70M | -75.60M | -116.50M | -511.80M | -147.90M |
| Financing Cash Flow | -209.20M | -267.60M | -364.20M | -185.20M | 180.70M | -239.50M |
DKSH Holding AG Technical Analysis
Positive
60.50
Price Trends
63.29
Positive
60.68
Positive
57.79
Positive
Market Momentum
0.56
Positive
55.45
Neutral
42.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:DKSH, the sentiment is Positive. The current price of 60.5 is below the 20-day moving average (MA) of 64.68, below the 50-day MA of 63.29, and above the 200-day MA of 57.79, indicating a bullish trend. The MACD of 0.56 indicates Positive momentum. The RSI at 55.45 is Neutral, neither overbought nor oversold. The STOCH value of 42.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:DKSH.
DKSH Holding AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF5.07B | 19.79 | ― | 1.85% | 1.51% | 8.62% | |
67 Neutral | CHF3.82B | 13.00 | ― | 4.46% | -1.58% | 2.02% | |
66 Neutral | CHF18.57B | 27.38 | ― | 3.53% | 4.72% | 3.37% | |
64 Neutral | CHF6.29B | 27.11 | 22.69% | 1.82% | 5.68% | 8.06% | |
63 Neutral | CHF24.30B | 28.03 | ― | 4.81% | -5.87% | -25.05% | |
62 Neutral | CHF4.23B | 18.63 | ― | 4.14% | -1.37% | 8.55% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:DKSH
DKSH Holding AG
65.20
9.35
16.74%
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DKSH Holding AG Corporate Events
DKSH Posts Solid H1 2026 Results, Boosts EPS and Cash Flow While Reaffirming Growth Outlook
Jul 17, 2026
DKSH reported resilient first-half 2026 results, with net sales of CHF 5.5 billion growing 4.9% at constant exchange rates and Core EBIT up 3.6%, despite negative currency headwinds. Earnings per share rose 10.6% to CHF 1.56 and Free Cash Flow rea...
DKSH Posts Strong H1 2026 Earnings and Cash Flow, Confirms Mid-Term Growth Roadmap
Jul 17, 2026
DKSH reported first-half 2026 net sales of CHF 5.5 billion, up 4.9% at constant exchange rates, with core EBIT rising 3.6% and earnings per share jumping 18.2%. Strong free cash flow, a 130.8% cash conversion rate and accelerated organic growth, p...
DKSH boosts European personal care portfolio with Gale & Cosm acquisition
Jul 10, 2026
DKSH’s Performance Materials unit has acquired Gale Cosm, an Italy-based distributor of specialty chemicals for the personal care industry, adding formulation capabilities in make-up, cosmetics, haircare, and home care. The deal gives DKSH ...
DKSH and Lilly Forge Strategic Pharma Distribution Alliance in Hong Kong and Macau
Jul 6, 2026
DKSH’s Healthcare Business Unit has entered a strategic partnership with Eli Lilly to sell, promote and distribute Lilly’s pharmaceutical portfolio in Hong Kong SAR and Macau SAR, expanding on existing collaborations in Singapore and V...
DKSH Partners with BridgeBio to Distribute ATTR-CM Drug in Key Asia-Pacific Markets
Jun 11, 2026
DKSH’s Healthcare unit has entered a strategic distribution partnership with U.S. biotech firm BridgeBio to commercialize a transthyretin stabilizer for transthyretin-mediated amyloid cardiomyopathy in Australia, Singapore, South Korea, and ...
DKSH Upgraded to AA MSCI ESG Rating, Cementing Sustainability Leadership
May 12, 2026
DKSH has strengthened its standing as a sustainability frontrunner by securing an upgraded AA MSCI ESG Rating, advancing from A and entering the coveted Leader category among industry peers. The MSCI assessment underscores the company’s robu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.